Hedge Funds
Structure, Strategies, and Performance
Published on 14. September 2017
Book
Hardback
696 pages
978-0-19-060737-1 (ISBN)
Description
Hedge Funds: Structure, Strategies, and Performance provides a synthesis of the theoretical and empirical literature on this intriguing, complex, and frequently misunderstood topic.
The book dispels some common misconceptions of hedge funds, showing that they are not a monolithic asset class but pursue highly diverse strategies. Furthermore, not all hedge funds are unusually risky, excessively leveraged, invest only in illiquid asses, attempt to profit from short-term market movements, or only benefit hedge fund managers due to their high fees. Among the core issues addressed are how hedge funds are structured and how they work, hedge fund strategies, leading issues in this investment, and the latest trends and developments.
The authors examine hedge funds from a range of perspectives, and from the theoretical to the practical. The book explores the background, organization, and economics of hedge funds, as well as their structure. A key part is the diverse investment strategies hedge funds follow, for example some are activists, others focusing on relative value, and all have views on managing risk. The book examines various ways to evaluate hedge fund performance, and enhances understanding of their regulatory environment. The extensive and engaging examination of these issues help the reader understands the important issues and trends facing hedge funds, as well as their future prospects.
The book dispels some common misconceptions of hedge funds, showing that they are not a monolithic asset class but pursue highly diverse strategies. Furthermore, not all hedge funds are unusually risky, excessively leveraged, invest only in illiquid asses, attempt to profit from short-term market movements, or only benefit hedge fund managers due to their high fees. Among the core issues addressed are how hedge funds are structured and how they work, hedge fund strategies, leading issues in this investment, and the latest trends and developments.
The authors examine hedge funds from a range of perspectives, and from the theoretical to the practical. The book explores the background, organization, and economics of hedge funds, as well as their structure. A key part is the diverse investment strategies hedge funds follow, for example some are activists, others focusing on relative value, and all have views on managing risk. The book examines various ways to evaluate hedge fund performance, and enhances understanding of their regulatory environment. The extensive and engaging examination of these issues help the reader understands the important issues and trends facing hedge funds, as well as their future prospects.
Reviews / Votes
Baker and Filbeck provide a valuable, in-depth resource and reference collection of articles exploring the complicated and significant role hedge funds represent in todays financial markets... Anyone with an interest in hedge funds and hedge fund investing will find this book a useful, unbiased, comprehensive overview and critical information resource. * S. R. Kahn (University of Cincinnati), Choice Reviews Vol 55. *More details
Series
Language
English
Place of publication
New York
United States
Target group
College/higher education
Dimensions
Height: 240 mm
Width: 161 mm
Thickness: 41 mm
Weight
1195 gr
ISBN-13
978-0-19-060737-1 (9780190607371)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
Additional editions
E-Book
07/2017
1st Edition
OUP eBook
€84.99
Available for download
E-Book
07/2017
1st Edition
OUP eBook
€67.49
Available for download
Persons
H. Kent Baker is a University Professor of Finance in the Kogod School of Business at American University. As one of the most prolific finance academics, Professor Baker has authored or edited 26 books and has published more than 160 refereed articles in such journals as the Journal of Finance, Journal of Financial and Quantitative Analysis, Financial Management, Financial Analysts Journal, and Journal of Portfolio Management. He has consulting and training experience with more than 100 organizations. Professor Baker holds a BSBA from Georgetown University; M.Ed., MBA, and DBA degrees from the University of Maryland; and an MA, MS, and two PhDs from American University. He also holds CFA and CMA designations.
Greg Filbeck is a Samuel P. Black III Professor of Finance and Risk Management at Penn State Behrend and serves as the Interim Director for the Black School of Business. Professor Filbeck has authored or edited seven books and published more than 90 refereed academic journal articles appearing in the Financial Analysts Journal, Financial Review, and Journal of Business, Finance, and Accounting. He received a BS from Murray State University; an MS from Penn State University, and a DBA (finance) from the University of Kentucky. He also holds the CFA, FRM, PRM, CIPM, and CAIA designations.
Greg Filbeck is a Samuel P. Black III Professor of Finance and Risk Management at Penn State Behrend and serves as the Interim Director for the Black School of Business. Professor Filbeck has authored or edited seven books and published more than 90 refereed academic journal articles appearing in the Financial Analysts Journal, Financial Review, and Journal of Business, Finance, and Accounting. He received a BS from Murray State University; an MS from Penn State University, and a DBA (finance) from the University of Kentucky. He also holds the CFA, FRM, PRM, CIPM, and CAIA designations.
Editor
University Professor of FinanceUniversity Professor of Finance, Kogod School of Business, American University, Washington, DC
Samuel P. Black III Professor of Finance and Risk Management and Associate DirectorSamuel P. Black III Professor of Finance and Risk Management and Associate Director, Black School of Business, Pennsylvania State-Erie
Content
Contents
List of Figures
List of Tables
Acknowledgments
About the Editors
About the Contributors
Abbreviations
Part One INTRODUCTION
1. Hedge Fund Fundamentals
H. Kent Baker and Greg Filbeck
2. The Economics of Hedge Funds
Shantanu Dutta, Arup Ganguly, and Lin Ge
3. The Life Cycle of Hedge Funds: A New Perspective
Mila Getmansky and Rachel (Kyungyeon) Koh
4. Characteristics of Successful Hedge Fund Managers
Ashrafee T. Hossain, Samir Saadi, and Maxim Treff
Part Two STRUCTURE OF HEDGE FUND
5. Hedge Fund Organization
Douglas Cumming, Na Dai, and Sofia Johan
6. Hedge Fund Governance
Lamia Chourou, Ashrafee T. Hossain, and Samir Saadi
7. Activist Hedge Funds
Tony Calenda, Chris Milliken, and Andrew C. Spieler
8. The Tax Framework of Hedge Funds
Francois-Serve Lhabitant and Michel Brocard
9. Compensation and Incentives in Hedge Funds
Garrett C. C. Smith and Gaurav Gupta
10. Off Shore Hedge Funds
Roberto J. Santillan-Salgado and Juan Jose Garcia-Santos
Part Three INVESTMENT STRATEGIES OF HEDGE FUNDS
11. Directional Equity Hedge Fund Strategies
Oreste Auleta and Filippo Stefanini
12. Event Driven Hedge Fund Strategies
Caroline Farrelly and Francois-Serge Lhabitant
13. Global Derivatives Hedge Fund Strategies
Christopher Barnes, Ehsan Nikbakht, and Andrew C. Spieler
14. Relative Value Hedge Funds Strategies
George Dikanorov, Joseph McBride, and Andrew C. Spieler
15. Multi-strategy Hedge Funds
Paul-Henri Bayart-De-Germont and Daniel Capocci
Part Four RISKS AND REGULATION
16. Risk Measurement and Management for Hedge Funds
Guillaume Weisang
17. Hedge Funds and Systemic Risk
Wulf A. Kaal and Timothy A. Krause
18. Operational Risk Management for Hedge Funds
Claus Huber and Daniel Imfeld
19. Hedge Fund Due Diligence
Jason Scharfman
20. Hedge Fund Regulation
Wulf A. Kaal and Dale Oesterle
Part Five HEDGE FUND PERFORMANCE
21. Issues in Hedge Fund Research
Thuy Bui and Abhishek Ganguly
22. Hedge Fund Pricing
David Hampton
23. Evaluating Hedge Fund Performance
David M. Smith
24. Financial Crises and Evaporating Diversification Benefits of Hedge Funds
Monica Billio, Mila Getmansky Sherman, and Loriana Pelizzon
25. Hedge Fund Replication
Paul Lajbcygier and Mikhail Tupitsyn
26. Hedge Funds and Performance Persistence
Nan Qin and Ying Wang
27. Benchmarking and Bias in Hedge Funds
Jeffrey S. Smith, Kenneth Small, and Phillip Njoroge
28. Style Analysis and Consistency
William R. McCumber and Jyotsaana Parajuli
Part Six ISSUES, TRENDS, AND FUTURE PROSPECTS OF HEDGE FUNDS
29. Current Hedge Fund Debates and Controversies
Dianna Preece
30. Trends and Future Prospects of Hedge Funds
Hunter M. Holzhauer
Discussion Questions and Answers
Index
List of Figures
List of Tables
Acknowledgments
About the Editors
About the Contributors
Abbreviations
Part One INTRODUCTION
1. Hedge Fund Fundamentals
H. Kent Baker and Greg Filbeck
2. The Economics of Hedge Funds
Shantanu Dutta, Arup Ganguly, and Lin Ge
3. The Life Cycle of Hedge Funds: A New Perspective
Mila Getmansky and Rachel (Kyungyeon) Koh
4. Characteristics of Successful Hedge Fund Managers
Ashrafee T. Hossain, Samir Saadi, and Maxim Treff
Part Two STRUCTURE OF HEDGE FUND
5. Hedge Fund Organization
Douglas Cumming, Na Dai, and Sofia Johan
6. Hedge Fund Governance
Lamia Chourou, Ashrafee T. Hossain, and Samir Saadi
7. Activist Hedge Funds
Tony Calenda, Chris Milliken, and Andrew C. Spieler
8. The Tax Framework of Hedge Funds
Francois-Serve Lhabitant and Michel Brocard
9. Compensation and Incentives in Hedge Funds
Garrett C. C. Smith and Gaurav Gupta
10. Off Shore Hedge Funds
Roberto J. Santillan-Salgado and Juan Jose Garcia-Santos
Part Three INVESTMENT STRATEGIES OF HEDGE FUNDS
11. Directional Equity Hedge Fund Strategies
Oreste Auleta and Filippo Stefanini
12. Event Driven Hedge Fund Strategies
Caroline Farrelly and Francois-Serge Lhabitant
13. Global Derivatives Hedge Fund Strategies
Christopher Barnes, Ehsan Nikbakht, and Andrew C. Spieler
14. Relative Value Hedge Funds Strategies
George Dikanorov, Joseph McBride, and Andrew C. Spieler
15. Multi-strategy Hedge Funds
Paul-Henri Bayart-De-Germont and Daniel Capocci
Part Four RISKS AND REGULATION
16. Risk Measurement and Management for Hedge Funds
Guillaume Weisang
17. Hedge Funds and Systemic Risk
Wulf A. Kaal and Timothy A. Krause
18. Operational Risk Management for Hedge Funds
Claus Huber and Daniel Imfeld
19. Hedge Fund Due Diligence
Jason Scharfman
20. Hedge Fund Regulation
Wulf A. Kaal and Dale Oesterle
Part Five HEDGE FUND PERFORMANCE
21. Issues in Hedge Fund Research
Thuy Bui and Abhishek Ganguly
22. Hedge Fund Pricing
David Hampton
23. Evaluating Hedge Fund Performance
David M. Smith
24. Financial Crises and Evaporating Diversification Benefits of Hedge Funds
Monica Billio, Mila Getmansky Sherman, and Loriana Pelizzon
25. Hedge Fund Replication
Paul Lajbcygier and Mikhail Tupitsyn
26. Hedge Funds and Performance Persistence
Nan Qin and Ying Wang
27. Benchmarking and Bias in Hedge Funds
Jeffrey S. Smith, Kenneth Small, and Phillip Njoroge
28. Style Analysis and Consistency
William R. McCumber and Jyotsaana Parajuli
Part Six ISSUES, TRENDS, AND FUTURE PROSPECTS OF HEDGE FUNDS
29. Current Hedge Fund Debates and Controversies
Dianna Preece
30. Trends and Future Prospects of Hedge Funds
Hunter M. Holzhauer
Discussion Questions and Answers
Index